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CRI听力:Market Bounces back after Fed's Announcement

2011-08-11来源:VOA

Stocks initially dropped on Tuesday afternoon, immediately after the Fed said economic growth this year has been "considerably slower" than it expected.

However, after the Fed's announcement of keeping its key interest rate through mid-2013, the stocks bounced back strongly. The Dow Jones industrial average was up more than 400 points as U.S. markets closed.

Still, many on Wall Street have been hoping the Fed would consider another monetary stimulus, which would be its third in the last three years, but the central bank's statement gives no such indication.

What it does indicate is a stark reality: a sluggish economy and painfully high unemployment have become chronic, ergo the two-year time frame in the announcement.
Bob Brusca, chief economist of Fact & Opinion Economics, shares the sentiment and says the Fed's announcement does not mean much going forward.
"The Fed can't tell us specifically what it's going to do, because it doesn't know specifically what's going to happen, so the more specific the Fed makes a promise, the more liable the Fed will have to go back later and to change it because it promised us something it can't deliver on. The central bank doesn't want to make promises on which it can't deliver."
Meanwhile, gold prices again pushed to new heights. Gold futures rose 1.7 percent, to 1,743 US dollars per ounce after setting a record price of 1,782.50 US dollars earlier in the day.
Analysts say investors view gold as a safer bet amid rising worries about debt levels of the major economies and uncertain stock markets.
Lou Grasso, of Millennium Futures, says gold is attractive because it cannot be manipulated.
"You can't print more of it. There's a limited supply that you can get to easily. So really that's the only thing, the reason why people put it in, and now what has been happening is that it has become an asset all of its own, it's an asset class, not just a place to kind of hide your money."
While gold's value keeps rising, it is a different picture in the oil markets. Worries over the state of the global economy continued to weigh on prices. The main benchmark rate was down $3 at $78.3 a barrel. Earlier it had fallen to $75.7, its lowest since September 2010.
With the global markets wildly fluctuating in the past few days, is there anything China could or should do to avoid becoming a possible victim?
Chen Feng-ying, a researcher with China Institutes of Contemporary International Relations, says it's a good idea to stay put.
"We must know that our economy is still expanding, so we have to steady our pace. In the short term, we should just lay low and watch. Don't do anything major. After all, we haven't run into any problems. At the same time, make some adjustments. For example, if now's not the best time to come up with certain new policies, then don't. "
Chen also warns that we are living in a post-financial-crisis era, and anything could happen unexpectedly. Therefore, she says the best solution is to always rely on ourselves and develop our tertiary industry.
For CRI, I'm He Fei.
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